Archive

Archive for July, 2011

Accurate Market Trend Information is Critical for Real Estate Professionals

July 21st, 2011 Comments off

Publishing quality data and market trend information has been our primary focus and goal for over 40 years. We understand the importance of providing accurate market data that real estate professionals and homeowners rely on to make sound financial and business decisions.

Recently several local news stories, blogs, and articles have been published showing positive, upward trends for the Memphis/Shelby County real estate market, one that we believe to be inaccurate. 

Please join us Wednesday, July 27th at our “Master Your Market” event where we will review 2Q11 sales, foreclosures, new housing inventory and more! Click here to register today! 

You may review our complimentary 2Q11 residential market trend reports here: http://bit.ly/96PgNI 

Click here for the latest story from The Daily News Online.

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2nd Quarter Real Estate Market Update

July 14th, 2011 Comments off

Home sales for Shelby County for the second quarter of the year were down 16% compared to 2Q 2010. While June sales exceeded expectations, they couldn’t make up for April and May sales which fell flat. With the homebuyer tax credit expiring last June, we expect  sales will begin to level out through the remainder of the year.

Foreclosures, foreclosure notices and bank sales all continue to decline. Foreclosures were down almost 16% from the prior year, foreclosure notices were down 21%, and bank sales were down 16% for the quarter with 1,013 recorded compared to 1,200 in 2Q10.

New home sales were down almost 40% with only 193 closed compared to 310 last year. New home permits were down 35% from the second quarter of last year. Regency Homes filed the most permits for the quarter, 36 total averaging 2,889 sqft and $199,007.

Commercial sales were up almost 30% from 2Q10 and commercial sales revenue was up a whopping 77% with $170 million closed in the quarter compared to $75 million closed last year. Year-to-date commercial sales are up 22% from the same time last year. Commercial foreclosures were down 8% with 33 recorded compared to 36 in 2Q10.

Community Mortgage closed the most residential loans at time of purchase with 340 loans averaging $127,000 per loan.

Join us Wednesday, July 27th for our “Master Your Market: 2Q11 Update” where we’ll review all residential and commercial market trends for Shelby County including sales, foreclosures, new housing, lender activity and more! This event will be presented at the Appraisal Institute’s second quarter luncheon. Click here for details or to register.

Click here to read the latest article on the housing market from The Daily News.

June Home Sales Update

July 7th, 2011 Comments off
Highest Home Sales YTD!  

June closed with 1,242 home sales, the most home sales seen since June 2010! Average home sales prices for the month were $128,566, the highest since December 2010!  

Bank sales continue to decline, down 23% from June 2010 and down 2% from May 2011 with 325 closed for the month and an average sales price of $73,168, up 16% from the prior month.

New home sales were up 25% from May with 77 closed for the month averaging $220,335. 

Foreclosures were down 9% from last year with 364 recorded and an average foreclosure amount of $123,373. Foreclosure activity was highest in Frayser (38127), Raleigh (38128), Oakhaven/Parkway Village(38118) and Hickory Hill North (38115). 830 foreclosure notices were issued in June, down 8% from the prior year. 

54% of all home sales were sold for under $100,000. The largest home sale was for a property located on Grandview Ave. The 5,300 sqft home closed on June 1st for $962,500. 

Join us Wednesday, July 27th for a complete review of Shelby County’s 2nd Quarter results in our “Master Your Market” seminar where we’ll cover residential and commercial sales, foreclosures, loan activity, new housing and more! Click here for details.   

Click here to view our June and 2nd Quarter 2011 Residential Market Trend reports.

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